Creditors Cannot Legally Request Collateral on a Previously Unsecured Loan

question 3

True/False

Creditors cannot legally request collateral on a previously unsecured loan.

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Definitions:

Systems of Communication

The structured methods and processes through which information is transmitted and received within an organization or between individuals.

Structure

The systems of communication, authority and roles, and workflow.

Credit Card

A payment card issued by a financial institution that allows the cardholder to borrow funds with which to pay for goods and services with the promise to repay, plus interest, at a later date.

Damaged Item

Refers to goods or property that have suffered physical harm diminishing their value, usefulness, or normal function.